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Online home trader Opendoor raises $325M in latest funding round

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Online home trader Opendoor raises $325M in latest funding round

Opendoor, a startup that lets users buy and sell homes online, raised $325 million in its series E funding round, with a goal to expand into 50 U.S. metropolitan areas by 2020.

Homebuilder Lennar Corp. and venture capital firms General Atlantic LLC and Access Technology Ventures led the funding round, which attracted new investors including residential real estate investment trust Invitation Homes Inc., former Uber Technologies Inc. CEO Travis Kalanick's 10100 Fund, Andreessen Horowitz and Coatue Management LLC.

Existing investors also included Norwest Venture Partners, GGV Capital, Khosla Ventures LLC, NEA and Lakestar.

Following the fundraising, Opendoor has total equity capital of $645 million, in addition to $1.50 billion in debt financing.

The company is buying homes at a rate of $2.50 billion a year and also has mortgage and title services in its pipeline, it said in a release.